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After Jump, Mortgage Interest Rates Drop

Mar 23, 2017 1:38:40 PM

After a jump last week, average U.S. mortgage interest rates declined for the week ending March 23, 2017, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Average U.S. mortgage interest rates declined for the week ending March 23, 2017The average interest rate for a 30-year, fixed rated mortgage loan, with an average 0.5 point, declined to 4.23 percent from 4.30 percent the previous week. The 30-year note averaged 3.71 percent during the same week last year.  

"The 10-year Treasury yield fell about 10 basis points this week," Sean Becketti, chief economist for Freddie Mac, said. "The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week's jump following the [Federal Open Market Committee] announcement."

The average rate for the 15-year, fixed rate mortgage, with an average 0.5 point, decreased 6 basis points to 3.44 percent. One year ago, the 15-year home loan averaged 2.96 percent. 

The 5-year, adjustable-rate mortgage averaged 3.24 percent for the week ending March 23, 2017.

First-time Home Buyers Should Avoid These 12 Mortgage Mistakes. Download Free  Guide. 

Topics: Mortgage Rates & News


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